Asked by Daniel Matson, Flint, MI • Fri Dec 12, 2008
I put an offer in of 20k on a 49k REO listing in Nov. On 12/05 my Realtor was told the amount was accepted, however, the EMD will be $1000 and not $300 as proposed plus we need to close by 12/20. We accepted the terms on 12/08 and due to the time constraint we arrange and completed for appraisal and inspection 2 days later only to find out that the seller was now reviewing better offers.
It turns out our offer was accepted a few days after the prop was reduced to 29k and that over the weekend a slue of better offers had come in. Now the selling agent claimed that he had not accepted our offer even though we sent a copy of our EMD check for $700 more than the original offer per his request. He later stated that his seller did authorize the counter offer but that he was obligated to pass along any new offers even though we accepted their counter.
It appears as though the selling agent sat on our paperwork for a few days while better offers rolled in due to premature acceptance.
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